Thursday, December 23, 2010

Loan Approved

Our mortgage broker called us earlier today to let us know that our loan has been approved unconditionally by the bank.

To be completely honest, I don't really understand the part where the bank approve the loan conditionally or unconditionally.  The first correspondence that we got from the bank said that we were approved conditionally and provided that we can satisfy their list of requirements.




So we went and get all that are needed such as:


  • The valuation of our current house
  • The rental valuation of our current house
  • The lease agreement of our current house
  • A letter from my accountant


There was also a bunch of other things but our mortgage broker has taken care of it, which puzzles me even more??

Anyway I'm just glad that our loan application for both the land and the construction have been approved.  At least I know that I will have some money to pay for the house.  Someone once said to me, getting the loan is the easy part but paying it off is the difficult part... I couldn't agree more...

However for every good news, there is almost always a bad news.  I checked the status on our land registration yesterday only to discover that it has been delayed for another two months.

We were initially hoping that by this time that we have already settled on our land.  That was the scheduled date when we bought it.  Then it was delayed until January.  However the latest update said otherwise and we have to wait until February.

Looks like we have more waiting game and biting our nails while we're at it.

Tuesday, December 14, 2010

Developer Design Conditions

We hoped for an easy approval when submitting our plan to the developer design panel.  However they came back with two conditions that we need to comply so as to maintain the standard of the covenant I guess.  

When Metricon rang me earlier today I thought that there was something wrong with the landscape plan.  This was not the case though.  The conditions states that we needed to comply with the privacy requirements and they are:

  1. Provide clear comfort glazing to the kitchen feature window, that is the long horizontal window behind the cooker (see the image on the right), and the window of the dining room.  
  2. Reduce the height of the window in the first floor leisure room.

We had the option to do some shading device or awning at the completion of the build but we went with the comfort glazing option as we were advised that we can hardly see it anyway.  On top of that, I don't think that I will want to do the awning as it may look weird with the design of the house.

I have no problem with reducing the height of the window as I quite like the look and effect at the Metricon display house at The Ponds anyway.

Fortunately there were the only two that we need to discuss and agree on and we didn't have to pay any extra charge, which is a good thing nowadays.  I guess we can consider ourselves approved!! yay!

On another positive note, we were advised today by our real estate agent that we got a prospective tenant wanting to lease our unit.  They are a couple with 14 months old baby with good reference and job, as advised by the real estate agent.  More importantly, they are willing to pay the rental price that we asked for.  So we agreed to accept their application to lease our place.

We are quite happy that everything is progressing along as planned but at the same time we are also sad to learn that we are going to move from a place that we have made and called home for the last 5-6 years.  This is the place where our two children first set their little foot and play their heart out.  But nevertheless our little family is also growing and we need to move on to a bigger place to raise them.

This is a very special place for us and we had lots of memories here.  We intend to keep our two storey with two bedroom unit as much as we can.  Obviously we need to be honest with ourselves and sell the place as soon as we see some indications that we will be in financial trouble by keeping it.

This Christmas will be the last Christmas that we will celebrate in our little place as our prospective tenant will be moving in on 12 January 2011.  As for ourselves, we are moving back to the parents' place until the house is ready.
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